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Will your 2821 learn NTP from some external NTP server or will it be using its own clock as its time source?

What you do to set up your 2821 as the NTP server for your network depends on how (or whether) it is learning time from an authoritative source. If the 2821 is learning time from an authoritative source then no additional configuration on the 2821 is required. You just configure the other devices to use the 2821 as their NTP server. The 2821 will automatically function as NTP server if it has learned NTP time from an authoritative source.

If the 2821 is not learning NTP from an authoritative source and will be using its own clock as its time source then you need to configure the command: ntp master on the 2821. This will cause the 2821 to consider itself as authoritative. Note that there is an optional parameter on the ntp master command in which you can specify a stratum. You might want to specify some level less than 1 or 2 (I might suggest 4).

That is good. As long as your 2821 is learning NTP from that external server then it will automatically function as an NTP server to other devices in your network. All you need to do is to configure the other devices to use your 2821 as their NTP server. No additional configuration is needed on your 2821.